Question on pay check taxes

[EWC88 24]

How do you figure what is the percentages of the taxes taking out of your pay check? I am looking at getting out of my house and sadly just do a apartment for year then purchase a house. But I want to figure what I can afford for rent.

[Springfield1911 22]

If you claim 0 and depending how much you make its probably about 20-25% taken out every paycheck.

[RS1200XL 4]

http://payroll.intuit.com/paycheck_calculators/

 

Added a better one.

Edited April 22, 2013 by aAandht

[maintenanceguy 510]

The amount taken out depends on your income, your deductions, and your credits.

 

The easiest way to figure this out is to look at last year's income tax records. Compare your total wages to your income taxes paid.

[cigarsnscotch 0]

I have a question. If you're looking at how much you can afford for rent, what does taxes taken out of your paycheck have to do with your net monthly income after taxes? Put a quick budget together. Add up all your installment loans and fixed expenses for the month, throw some variable figures in there like gas, groceries, etc. and you're left with what you have each month. Mint.com is a really good personal finance site for budget tracking. there's also a lot of calculators out there that will tell you "how much you can afford" but it does require you to do some work on your part (gathering figures for your expenses and income and such). I assume (correct me if I am wrong) that by "getting out of your house" means you live with your parents still? Or did I read into that?

[EWC88 24]

I figured if I knew what actual cash I get from work after taxes that would then allow me to subtract my other expenses (cell bill/gas) so I then know what money I have left over from that to our towards rent.

 

Yes still live with my mom, but its time to get out I am starting to think.

[ryan_j 0]

Did you fill out a W-4 form at work? You can adjust the amount withheld using the W-4. Bear in mind that the withholding is not the actual amount of tax you will owe. That's why we do a tax return prior to April 15 every year. So if you're adjusting your W-4 just be careful you don't owe at the end of the year.

 

paycheckcity.com has a calculator that I've found to be fairly accurate.

[Arbelest 29]

Yes still live with my mom, but its time to get out I am starting to think.

 

If she is not making you pay rent stay there and save up so you can get something a little nicer when the time comes. That what I'm doing till I'm done college and find a FT job (or until she finds out how many firearms I actually have then kicks me out).

[FishNHard 145]

your best bet is to stick it out at home for a while , if your paying rent for an apartment it will be almost impossible to save for a house , Most rents are 1g and up a month then your utility's Save up about 2500-3 grand and get in on the first time home buyers program , , I bought my home this way small 3 bdrm ranch was 86grand got in with $2300 and mortgage is around 857 a month . yes you want to get out but you will be much happier as a home owner then putting money into someone else pocket.,

[greatgunstatenj 32]

I used to think home ownership was the way to go and the better financial route than renting. However, after a CPA I worked with broke it down for me I walked away scratching my head and re-thinking. I talked to another CPA and he confirmed what the first had said. It boiled down to choosing ownership over renting only if, you need to actually be able to say something is yours or you want the ability to do anything you want to the house or yard. If those two things don't matter financially it seemed that ownership was a losing deal - unless you get lucky and the equity in your property explodes but that isn't always a given as a lot of folks have found out in the past few years. That being said, I'm definitely not a CPA and I don't remember all the details but I mention it because I think it is worth investigating.

[cigarsnscotch 0]

Arbelest and FishNHard gave you great advice. I know firsthand that its difficult to live with your parents after college but if you're not paying rent them stay as long as you can, SAVE SAVE SAVE and then have the option to make your choice. When I came back from ASU and had to finish at Rutgers all while working, I lived with my parents. It was tough. When you get older you don't see things the same as each other. But it really helped and I am very thankful for it.

 

But everyone's situation is different and no one can decide for you. Whatever you make, just save as much as you can. Spend 2 years with lowering your discretionary expenses and see where you're at after that, you'd be amazed! But it takes determination.

 

Good luck on whatever you do.

[NJSlick 0]

18% was taken out of my last check for taxes. We know who to blame for that, smh.

[EWC88 24]

Yea I do want to get out, I feel like I should of been out by now but I am still in school, thankfully I do not pay rent at my moms house. I have been saving up and I'm almost at 3grand for spending money (have certain accounts for certain things lol). I'll have to check out that first home owner program out.

[ryan_j 0]

Here's your chance to get out of NJ.

[johnnyrebel70 0]

How do you figure what is the percentages of the taxes taking out of your pay check? I am looking at getting out of my house and sadly just do a apartment for year then purchase a house. But I want to figure what I can afford for rent.

Why not look at your last paycheck to see what was taken out? Or are you looking to figure out what comes out when you get a job?

[Porthole 15]

How do you figure what is the percentages of the taxes taking out of your pay check? I am looking at getting out of my house and sadly just do a apartment for year then purchase a house. But I want to figure what I can afford for rent.

 

In case you are asking for the percentage of the taxes you already have withheld; take your net pay, divide it by your gross pay. That answer is the % of your gross that you take home. Subtract 100 by the answer you just got and you will have the total % of all deductions taken from your check.

 

1000 gross / 900 take home = 90%

100 - 90% = 10% deductions withheld

[JackDaWack 2,895]

3k saved is pennies. Think about what would happen if you had some unexpected expenses. If you do move out will you continue to save? Only you can punch the numbers. I know I take home x amount of dollars. I know what I'm obligated to pay for every month and I know what is left over how much will go into my savings and how much I need for gas and food. I make sure I'm saving about as much as I'm spending. Then I spend it all on guns!

 

Everyone wants to be independent and all that, and maybe since your still in school you haven't found a "real" job yet, where your making enough money to live and save, but when you see money come into you account, and a good amount, it makes you much happier to see it stay there then to spend it on something "unnecessary". I'm 26 and i live at home with my mom, my situation is a bit different then most, but i realize that i live like a king at home, chip in and have plenty of cash to throw around and i'm saving all at the same time... in due time i will move out when i figure where i want to live and how much i can afford on my own... but for now im taking it easy and trying to make life down the road easy.. The economy sucks too, i just want to be in the best position possible when i make the move. Most of my friends who live on their own right now are broke and live paycheck to paycheck,

[FishNHard 145]

One other thing to keep in mind with Home ownership vs renting , When owning a home YOU are responsible for repairs Im an electrician by trade but done everything thing there is to be done in construction so if the hot water heater goes or the roof needs shingling I can do it all myself , If one doesn't really have the skills then you will be looking at hiring someone which is money out of Your pocket as to if your renting something goes wrong call the landlord up its his problem , These are things to conceder Yes being a home owner is Great but each has its advantages and disadvantages only you can decide which is right for you . Should you go with home ownership and you are handy with tools look for something that may need a little work and haggle price , Don't buy above your means , if you get pre approved for lets say for argument sake 180 thousand find something in the 150 range give yourself a little breathing room on your budget , if you hunt find something off the beaten path along woods , prices are sometimes cheaper then in the heart of the town, Which ever way you choose stick to your budget and know matter what you will always have a roof over your head . good luck to you John

[EWC88 24]

I guess I feel old (only 24 lol) and feel like living at my moms house is stupid, but very true I am saving alot of money. I have been figuring what my "for sure" cost are for each month ( cell bill, gas for truck, food rarely ) so that does help to let me know my actual money I have to spend. I do not have a "real" job, I work PT at a store lucky working 35hrs on average, but still not a FT doing salary.

 

This is alot to think about and I did forget to mention the apartment would be split 3 ways ( me, my gf, and friend). My buddy was talking about getting out and we though let's do a 2 bedroom apartment and with the cheaper cost we all can still save.

[NJdiverTony 27]

Good advice by FishNHard, on a couple of his posts... I did this years ago and bought my first house in my mid 20's, right out of school. Was living with my parents and saved up about $10k after getting my first real job that paid a decent amount of money. I bought a foreclosed fixer-upper house directly from FHA in a decent area with a very small amount of money as a down payment. I'm handy with all kinds of work (construction, electrical, plumbing, etc.) and it took me almost a year to fix the place up. I basically gutted the place and re-did it by myself and with the help of my dad and a good friend, when they had time. This was back in the mid 90's so it was quite a while ago... I know real estate prices are different today. During the time I lived in the house, I had a fully renovated house and my mortgage was ridiculously cheap (like $700 per month... and that's WITH property taxes included!) I bought the place for dirt cheap and then when the real estate market improved substantially 5 years later, I sold it for a very nice profit. Just giving you an idea... if you're handy and can fix a place up, this is a great idea... esepcially if you're a young guy that's not married/don't have kids and have the time to dedicate to a project like this. Not only can you get yourself a decent place to live, but can make a good deal of money in the long run as it'll be a good investment. The money I made on the house fully paid for my wedding, a down payment on a house after I got married and for several other things... So it worked out great for me.

[EWC88 24]

Yea I am VERY handy, electrical, plumbing, construction, roofing, etc, and even on things I'm still new to I have my grandfather right there who knows its all and refreshes my memory.

 

Always wanted to get a fixer upper as the first house, this would be my first house NOT my permanent dream house.

[FishNHard 145]

Heres one tip and I STRONGLY SUGGEST NOT TO DO , when you buy your first home ive had 4 friends wind up losing there homes because of it every credit card company will offer you there card , throw them away .You only need 2 cards a visa or mc FOR EMERGENCYS and a home depot card for the home that's it . OK 3 gotta have that dam Cabelas card LOL .

[ChrisJM981 924]

Figure out what it's going to cost you a month to live in an apartment and put that in a savings account. Don't forget to factor electic, cable, food costs, and toilet paper. You'll never have imagined how much friggin tp women use.

 

You'll probably need first month's rent and 1.5 months rent for a security deposit upfront. Make sure you make enough to cover your gf's share if you break up. There are always unexpected costs.

[Arbelest 29]

You looking for a place in the county?

[JackDaWack 2,895]

I still remember the day i was 10yrs old installing a boiler in my house with my dad, lol.... he definitely prepared me well... just after sandy i had to clean up 4 massive downed trees on the property, i had a fun time and all with that, but when your 20 feet up tied to a tree trying to dislodge a fallen tree from a standing one with a chainsaw you really start to question if what your doing is a good idea... some simple things keep you from hurting yourself, just always be mindful if you can do something a better way.

 

most people can do just about anything around a house, it's just how BIG the job is... roofing is a pretty simple task, but when only one or 2 people are doing the job it can become 10x more the work.... somethings you can take a while doing, but in this instance you want to tear off the old layer and get the new one on quickly, remember you will be working and doing renovations in spare time and the people you consult with for help may or may not be of any real help. Gutting a room and refinishing could take a month or longer, but you can take your time and focus on doing it right..

[EWC88 24]

Arbelest- looking around mostly at Washington township, glassboro, Mullica hill, mantua, Deptford area. But if I find something good that isn't Like a hour from those spots I'd consider it.

[Arbelest 29]

I would add Pitman to your list as well right outside of Glassboro, so you don't get the erm rift raft and college BS. There is a lot of renting happening in that town as well plus its "nicer" then Glassboro. Collingswood is another great area for younger people renting, I have a few friends that rent in that town.

[EWC88 24]

Oops yea meant pitman, and I am for sure looking to stay away from the college crap. Grant it I go to Rowan and I like to party here and there but there doing it every night and I've been there and done that by now that I'm over the every night drinking crap.

[Arbelest 29]

Well if you do look in Rowanville.. I mean Glassboro.. well you know which areas of Glassboro are better then others if you go to Rowan, the "other side" of delsea drive.

[NJdiverTony 27]

Yea I am VERY handy, electrical, plumbing, construction, roofing, etc, and even on things I'm still new to I have my grandfather right there who knows its all and refreshes my memory.

 

Always wanted to get a fixer upper as the first house, this would be my first house NOT my permanent dream house.

 

Yea, this is definitely not meant as a means for getting a permanent dream house... just as a means get you a decent place to live for a few years, while you're a young guy, and that will make you a good amont of money in a few years. Instead of wasting money on rent, it'll be like putting money in the bank!